According to Ledger Insights, the Bank of England expressed a forward-looking stance on digital innovation this week, with its executive director Sasha Mills stating an "open attitude" towards the use of stablecoins for wholesale payments, in contrast to last week's report by the Bank for International Settlements listing stablecoins as "unreliable currencies". Mills emphasized that financial stability is the top priority, but after the legal revision, the central bank needs to balance innovation and regulatory methods.
There is a significant shift in policy: the Bank of England has for the first time relaxed its use of stablecoins in the wholesale market, but still favors central bank monetary settlement; The retail sector has relaxed reserve requirements, allowing some investments in high-quality assets, while setting up temporary holding limits for individuals and enterprises to prevent deposit loss. Technically, the central bank is developing a synchronization system to enable DLT transactions to be settled through the RTGS system. Mills calls for industry collaboration to build a 'hybrid ecosystem' and highlights the potential of public chains as a connecting layer, emphasizing that London needs to shift from technology demonstrations to building a new generation of financial systems.
Earlier yesterday, the Governor of the Bank of England warned that stablecoins pose a threat to public trust in currency.
According to Foresight News, according to @ ai_9684xtpa monitoring, the giant whale holding at least 80000 BTC is not Satoshi Nakamoto, but belongs to "independent miners". The amount of BTC held by this miner is 13.4% of the micro strategy position and 6.35% of the Satoshi Nakamoto position, with a value of approximately 7.55 billion US dollars. It is worth noting that its BTC cost is as low as $0.76, with profits exceeding 140000 times. In contrast, the spot trading volume of BTC on Binance in the past 24 hours was only $1 billion.
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According to the Bahrain News Agency, the Central Bank of Bahrain announced on July 4th the launch of a stablecoin issuer licensing and regulatory framework aimed at ensuring the safe integration of stablecoins into the financial system. The new regulations allow licensed institutions to issue single currency stablecoins supported by Bahraini dinars, US dollars, or other approved fiat currencies. This measure aims to reduce the risk of unregulated stablecoins, enhance investor confidence, and promote sustainable growth in the industry.
The Executive Director of Market Development at the Central Bank stated that this move will consolidate Bahrain's position as a financial center in the Middle East. The head of the Capital Market Supervision Bureau emphasized that the new framework reflects the determination to comprehensively regulate cryptocurrency assets, including strengthening investor protection measures and market transparency. The policy was announced at a fintech event jointly organized by the Bahrain Economic Development Authority.
